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MYOB buys into online POS startup

MYOB buys into online POS startup

Accounting software giant nabs a minority stake and partners for software integration

Accounting software vendor, MYOB, has invested in a minority stake in point of sale (POS) start-up, Kounta.

Neither party disclosed the value of the agreement. Whether the buy-in will lead to a future takeover is unknown, with MYOB declining to confirm or deny the matter.

MYOB has also partnered with Kounta to develop integrated software which will see the latter's multi-platform software (including iOS and Android-based tablets, Mac OS and Windows) integrate with former's Essentials and AccountRight products.

MYOB will also sell a standalone Kounta product, named MYOB Kounta.

The integrated software offerings are scheduled to hit the market later this year.

MYOB said it entered into the agreement to cement its position in the retail POS, mobile payments, and e-commerce markets, while Kounta is expected to boost its small to medium enterprise (SME) play.

"The MYOB-Kounta partnership is integral to our vision of making Cloud accounting easy for every business," MYOB connected services general manager, Andrew Birch, said.

"The partnership also reinforces MYOB's continued commitment to servicing the Australian and New Zealand (A/NZ) SME market."

Kounta's partnership with MYOB adds to existing collaborations with the likes of PayPal, Tyro, Collect Rewards, Swarm, and Deputy, among others. Its client base of more than 1000 includes Sonoma Baking Co, Gelato Messina, Mecca, and Luxe.

Read more: Intelligent Retail brings multi-channel to smaller retailers

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Tags Cloudretailinvestmentsoftwarepoint of salevendorpartnershipaccountingposMYOBstart-upKounta

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